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Actually, sounds like it doesn't need Donald's blessing after all:
Steve Ballmer has won a bidding war to purchase the Los Angeles Clippers for $2 billion.
ESPN's Ramona Shelburne reports that Ballmer and the Sterling family trust signed a binding agreement on the sale and that it will go straight to the NBA for final approval.
Ballmer, who was chief executive of Microsoft for 14 years, was chosen over compe ors that included Los Angeles-based investors Tony Ressler and Bruce Karsh and a group that included David Geffen and executives from the Guggenheim Group, the Chicago-based owner of the Los Angeles Dodgers, according to three individuals familiar with the negotiations.
One of the individuals with knowledge of the negotiations said the Geffen group bid $1.6 billion and Ressler at $1.2 billion.
The tentative deal must also receive the blessing of Donald Sterling, followed by an approve from the 29 other owners.
Actually, sounds like it doesn't need Donald's blessing after all:
Sterling is a genius tbh, ended up banking billions with the tape.
Nah man, its probably the worst thing that ever happened to him. Even over his son's death. At the end of a mans life, especially a man of his stature, legacy is everything. To be the first shunned owner in NBA history and to go out like that is a failure as a human being. You gotta remember, the guy is used to being filthy rich at this point. Though, his life experiences arestill better than 99.9999999999999999999999999% of people in this world.
You gotta realize though, DTS is completely oblivious and/or just doesn't care what people think of him, so I doubt he considers getting shunned out of the NBA to be "the worst thing that ever happened to him"....
wtf is a guy his age gna do with that money though. its a big win for his heirs. tbh i wouldn't be surprised if he tried to donate a chunk of it to minority pograms to save face
Kept the team out of the hands of the chimps, that's all the Jews wanted. It was collusion.
Old got Donald getting thoroughly owned
S y played this out perfectly. I hope they donate a part of it to the Gates foundation rather than to the blacks. It'll be put to a better use in Gates and Buffett's hands.
lol magic and his crew, what u going to do now? continue t o spin ?
, this is going to be hilarious seeing this tied up in the court system for years.
This just drove the Lakers' value up to 4 billion. Buss seriously eyeballing this deal.
Seattle getting a team again
No one's stupid enough to move a team away from LA..
sterling willl minimize his capital gains tax by streamline the sale proceeds through his family trust, i wonder how many clowns are on that list
I can't believe that the NBA will blow it's chance to have a minority owner in a major market...
I'm sure a condition of the sale agreement is that he doesn't move the team to Seattle. That and they're locked into their Staples Center lease for quite awhile. The team isn't worth $2 billion in the Pacific Northwest. , it's not worth $2 billion in Los Angeles, but there's only 30 teams and many more billionaires than that who want into the club.
Being under competent management for a change while Fredo Buss runs the Lakers, the Clippers could absolutely carve out a niche for themselves in that market just like the Angels did. There's enough interest to support two NBA teams, especially since there's no NFL in LA.
Though a case can be made, did not realize the Clips despite their great location are not profitable. The Clips are the only team to get a zero cut deal on luxury suite money from their own "home stadium" deal. AEG iirc is raping Sterling and have little incentive to change it since there are no other viable locations downtown and the city would build a nfl stadium first. Even with a new national tv deal and local one on the horizon ballmer won't turn a profit and will have to fight Angels, Ducks for top of the secon tier LA status behind Lakers Dodgers and Kings. Besides cache don't get why someof you claim the team will not be moved. Ballmer himself said Seattle is an option but in the short-term he plans to stay.Yes he can afford to overpay and doesn't need a profit. But how many rich people drop 2 billion and would aceept the above? I hope they stay but Seattle makes sense.
It will be interesting if he starts to complain about their Staples Center setup. The Clippers were valued at around $600 million and he just paid 3x that, but the purchase price is only 1/10 of his net worth. For $2 billion, he can return basketball to the Emerald City and be a hero.
were the clippers even making a profit to even justify the ROI? how many years would it take to recoup the investment?
He doesn't care if he never turns a profit. This purchase was 10 percent of his net worth.
the social influence caused by the purchase will well compensate for the 2x extra money he paid, just like Fin said. It's like Madrid buying Bale for more than 1 billion. No way is anyone worth 1 billion but Madrid by doing so reestablished its giant figure and the investment delivered (the CL championship)
This is hush money for sterling. Somewhere in the contract it will state he will be sued up the ass if he talks about any nba hypocrisy after the sale.
The nba is in cahoots with the massively over priced offer. No other explanation.
Last edited by UZER; 05-30-2014 at 09:05 AM.
2 billion...
A gift to LA (NBA) and entertainment for Ballmer.
Ballmer feels guilty for screwing consumers at Microsoft. Btw, when is Windows XX due out...
Yup, they're paying the Sterlings off to go away in order to avoid years of expensive litigation and the franchise remaining in limbo.
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